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05.09.2016 12:29

European session review: the pound rose on strong UK data

The following data was published:

(Time / country / index / period / previous value / forecast)

7:50 France Business activity index in the services sector (final data) August 50.5 52 52.3

7:55 Germany Index of business activity in the services sector (final data) August 54.4 53.3 51.7

8:00 Eurozone business activity index in the services sector (final data) August 52.9 53.1 52.8

8:30 Eurozone indicator of investor confidence from Sentix in September 4.2 5.1 5.6

8:30 UK PMI index for the services sector in August 47.4 50 52.9

9:00 Eurozone Retail Sales m / m in July from -0.1% Revised 0% 0.6% 1.1%

09:00 Eurozone Retail sales, y / y in July from 1.7% Revised 1.6% 1.9% 2.9%

The British pound rose to a high of seven weeks on positive data on activity in the country's services sector. The British pound also rose on Thursday last week, as the Purchasing Managers Index (PMI) for the manufacturing sector also exceeded expectations.

The data published by Markit Economics, showed that activity in the UK's services sector has increased significantly by the end of August, which is another evidence of economic recovery after the shock caused by the decision to leave the European Union.

According to the report, the purchasing managers index (PMI) for the services sector rose in August to 52.9 points versus 47.4 points in July (seven years low), recording the biggest monthly increase in 20 years. Analysts had expected the index to improve to 50.0 points. Recall a value above 50 indicates expansion of activity in the sector.

The return to growth in most of the economy is likely to reinforce speculation that the Bank of England will refrain from launching further stimulus measures this year. Markit believe that "the inevitable downturn will be avoid," but urged caution because the data point to stagnation in the quarter, and many companies are still concerned about the prospects. "It's too early to say that the rise in August is the beginning of a long period of recovery after the shock," - said Chris Williamson, economist at Markit. - But there is a lot of evidence that the initial shock of the vote in June began to dissipate The pound broke August 4 high.

After Brexit investors have begun to actively sell the pound, because it was believed that this decision will put pressure on the economy.

Euro moderately weakened against the US dollar amid mixed data on the index of business activity in the services sector of the eurozone countries, and strong data on investor confidence and retail sales.

Economics reported that the eurozone economy continued to expand in August, but the pace of growth slowed to a 19-month low, which was mainly due to the weaker expansion in Germany. According to the data, the index of business activity in the services sector fell to 52.8 points from 52.9 points in July. Previously it was reported that the index improved to 53.1 points. Analysts predicted that the figure will be 53.1 points. The final composite PMI index fell in August to 52.9 points from 53.2 points in July.

Meanwhile, the results of a survey presented by research group Sentix, showed that investor sentiment in the euro area improved significantly in September, registering the second consecutive monthly increase, and reached its highest level in three months. Indicator of investor confidence rose in September to 5.6 points compared with 4.2 points in August. Analysts had expected the index to rise to 5.1 points. The last reading was the highest since June (when the index was 9.9 points). The sub-index of current conditions jumped to 4.5 points from 3.8 points in July, while the expectations index rose to 6.8 points from 4.8 points.

In addition, Eurostat Statistical Office stated that retail sales in the euro zone rose more than expected in July, showing the biggest monthly gain this year. According to the data, seasonally adjusted retail sales increased by 1.1% compared to June, and rose 2.9% on an annualized basis. Analysts had forecast an increase of 0.6% and 1.9% respectively.

EUR / USD: during the European session, the pair fell to $ 1.1152


GBP / USD: during the European session, the pair rose to $ 1.3374


USD / JPY: during the European session, the pair fell to Y103.14

05.09.2016 11:59

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